RRIF can be regarded as a continuation of a RRSP only instead of
money going into the plan, funds are paid out of the plan each year.
The interest earned in a RRIF remains tax sheltered until funds
are disbursed from the plan. RRSP money has to be converted into
a RRIF or another similar retirement vehicle by the end of the year
that the annuitant turns age 71.
the year in which the member turns 72 the RRIF must pay out a minimum
amount based on a pre set formula. Yearly payments are designed
to allow the RRIF to continue paying until the annuitant is well
into their 90's. There is no maximum level in any year's payout,
therefore larger withdrawals can be made if required. Withdrawals
are regarded as taxable income in the year they are received.
within a RRIF are the same as the Variable Rate Plan and the Fixed
Rate Terms that are described under RRSP. Index-Linked are not offered
within this product.